Parents know all too well how the cost of baby formula can weigh on a monthly budget. A single 14-oz. can of formula can cost anywhere from $15 to $20. It's worse for parents whose babies rely on hypoallergenic formula, which can often cost between $40 to $60 per can. Babies and toddlers with digestive conditions rely on hypoallergenic formulas, commonly made by brands like Neocate, Enfamil and Elecare.